Bitcoin is poised to gain 80% after the great “October Bulls” in “November to the Moon”
October is a month of sweet profits with some historic announcements and new all-time highs for Bitcoin. With October historically been an active time for the crypto king, ATH shouldn’t be that surprising. The key question now is whether BTC will have a similarly bright fate in November?
Closed weekly and monthly
Although the BTC price remained largely unchanged after hitting ATH on October 20, it ended up above $ 60,000 in October, marking some success. First, Bitcoin’s weekly candle closed just above this psychological level and is the third straight week to hit such a pattern. Accordingly, the bullish story is further reinforced, giving the bulls more confidence in November.
But that’s not all, as analyst TechDev noted an eerie similarity between the 2021 and 2017 bull cycles in November. In particular, the daily candles of BTC and RSI produced a correlation pattern through the end of October.
BTC and RSI Price Chart | The source: TechDev
Now, if BTC follows the same trend, it could end up with over 80% gains as November 2017 saw an 86% gain over the month. In fact, BTC was up nearly 50% from the month even in November 2020. So it seems that if all goes well, November will bring BTC to the moon and become the month of “November to Moon”.
While the overall picture looks pretty optimistic in November, nothing is safe in the crypto space. Because it can be seen that the indicator is cooling down a bit this week after a period of maintaining a net outflow from the exchanges. The BTC reserves on the exchange have hardly changed or have even increased slightly. Meanwhile, the price has been quite volatile at times, in the $ 60,000 range.
The source: KryptoQuant
So is there a possibility of a short-term decline? Well, if BTC is struggling to hold the 21-day MA, 21-day EMA, and $ 60,000 for the short term, it can drop to the support range of $ 58,000 to $ 53,000. However, at press time, BTC rose from just under $ 60,000 to an intraday high of $ 62,507. So it looks like the crypto king has a promising plan for November.
BTC price 4-hour chart | Source: Tradingview
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According to AMBCrypto